Daily Pivots: (S1) 108.96; (P) 109.32; (R1) 110.06; More…
Intraday bias in USD/JPY remains mildly on the upside at this point. Rebound from 107.47 would target a test on 110.95 high. On the downside, however, break of 108.34 support will turn bias back to the downside for 107.47 support and below. Overall, USD/JPY was once again supported by 55 day EMA, which gives mild near term bullish favor.
In the bigger picture, medium term outlook is staying neutral with 111.71 resistance intact. We’d monitor the structure of the fall from 110.95, to assess whether it’s just correction to rise from 102.58 to 110.95, or a leg of a range pattern between 101.18 and 111.71, or starting another leg of the long term down trend.
